Jim Zelios-Mortgage Broker

Your home equity increases as you pay off your mortgage and as your home goes up in value. You can use your home equity to get a loan or line of credit, which, like a debt consolidation mortgage, combines your debts into one payment. The more equity you have in your home, the more money you can borrow. Enjoy the weekend.

Thinking of buying a house and plan on borrowing money for a mortgage in the coming months? Next month, you may have a harder time securing a mortgage. Come July 1, it will be harder for Canadians to qualify for a new mortgage due to changes announced last week by the Canada Mortgage and Housing Corporation (CMHC).